Most economic graphs have two lines perpendicular to each other. Where these lines meet is called the
A) origin.
B) y-axis.
C) x-axis.
D) variable.
E) point of beginning.
A
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It is possible to analyze education decisions in a manner similar to the decision to acquire more
a. capital. b. leisure. c. work. d. goods and services.
In 1931 the price of a movie ticket was $0.25 . The consumer price index was 15.2 in 1931, and 210 in 2008 . Using 2008 prices, the real price of a movie in 1931 was
a. $13.82. b. $52.50. c. $1.81. d. $3.45.
Voluntary exchange increases economic efficiency
A) because neither the buyer nor the seller would agree to a trade unless they both benefit. B) because voluntary exchange only takes place with government permission. C) because it allows wealthy individuals to act altruistically and give to the poor. D) because it is free and consequently does not cost anything.
An example of a good or service that would count in the U.S. GNP would be a bag of coffee made in:
A. Vermont by Green Mountain Coffee Roasters. B. Colombia by Dunkin' Donuts. C. Canada by Starbucks. D. All of these would count in U.S. GNP.